A non-binding MOU (Memorandum of Understanding) has been signed between the Saudi Public Investment Fund and the AMC Entertainment Holdings (the largest cinema provider and operator in the world). The MOU has signed to discover the distribution and distribution of cinematic content, including investment opportunities and partnership in the Saudi Kingdom. The deal took place just days after the decision of the General Authority for Audiovisual Media regarding the issuance of licenses for those willing in opening cinemas in the Saudi Kingdom. It has been considered one of the major objectives of Vision 2030 to enhance the spending of Saudi households on cultural and positive activities with an expected increase from 2.9% to 6% by the year 2030. The SPA news agency quoted an official statement of a spokesman for the fund that the Public Investment Fund believes that the spare time sector of Saudi Kingdom has a remarkable potential and promising a secure future.
The CEO of AMC Adam Arun said that the announcement has been considered a historic event for the film distribution and its related industry. The development of this sector is expected at one billion U.S dollars and it would be a great opportunity to connect film products of AMC with at least 30 million citizens. Arun added that the AMC is considering Saudi Kingdom as a great business place. There isn’t any other company in the world offering an integrated cinema experience as it was offered by the EMC. The EMC owns the Odeon brand (one of the largest film companies in the world). The EMC has been managing about one thousand theaters and at least 11,000 screens in the world. There are a number of filmmakers in the world looking to participate in the Saudi market of entertainment. The Fox Cinema owner and Dubai-based shopping mall operator Majid Al Futtaim said that he is interested to open its first movie theater in the Saudi Kingdom.